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Money saving tips for every age

Discover practical saving tips to help you manage expenses and build a secure financial future for yourself and your family.

Saving money isn't just about setting funds aside – it's about building a secure foundation for you and your loved ones. Whether you're planning for a child's education, supporting your parents, or preparing for a big purchase, having a clear strategy helps you manage your finances with confidence.

The most effective approach involves 3 core actions:

  • Opening a dedicated savings account like a time deposit
  • Tracking your everyday spending to manage rising living costs
  • Setting up a thoughtful financial plan

These steps allow you to optimise interest earnings, feel more secure, and get ready for important life milestones.

How to save money effectively

Building wealth over time is about using smart savings tools and mindful habits. You're more likely to succeed with your goals if you start small and stay consistent. Here are 3 ways to gain control of your finances today.

  1. Open a dedicated savings account
    Keeping your savings separate from your everyday spending is an essential first step. Consider a term deposit (also called a time deposit) as a strong choice. With this option, you can take advantage of higher interest rates compared to regular accounts, helping your money grow steadily. Some accounts offer additional benefits the longer you keep your money there. While you can usually withdraw funds if needed, it's best to check terms regarding accrued interest. You can start saving at any age, but you'll need to be at least 18 to open an HSBC term deposit account.
  2. Monitor your spending habits
    From daily coffee runs to eating out or visiting local markets, small expenses add up quickly. Take a moment to review where your money goes and identify areas where you can cut back on non-essentials. This helps you grow your savings and gives you the flexibility to meet ongoing family needs or plan for special occasions year-round. Use HSBC Vietnam Mobile Banking to track your payments and savings in real time. Managing everything on your smartphone gives you more time for family, work, and personal interests.
  3.  Start financial planning today
    The best investment you can make is in yourself and your family's future. Saving and investing help you achieve important goals – such as funding your children's education, buying a home, or securing a comfortable retirement. Long-term planning is key to protecting your family against life's uncertainties. Estimate how long it will take to reach a goal so you can adjust your plan and stay on track.
See how long it will take to reach your savings goal with our Savings Calculator tool.

Savings goals through the stages of life

Financial priorities shift as you move through life. Here's how to approach saving strategies at different ages.

20s to 30s: Establishing foundations

Your 20s are a great time to build sound financial habits.

  • Emergency fund: Establish a savings buffer of 3-6 months' living expenses.
  • Personal growth: Set aside money for learning new skills or earning certificates that can help your job prospects.
  • Major purchases: Consider saving for big items like a motorbike, first home, or travel experiences.

30s to 40s: Building and protecting

As you navigate new responsibilities – marriage, owning property, raising children – your financial plans may need to adjust.

  • Education planning: Explore long-term savings or investment plans for your children's education.
  • Family support: Balance your own financial goals with commitments to parents or family.
  • Wealth growth: Look into diversified investment options to grow your wealth for the long term.

60s onwards: Enjoying your legacy

After years of work and careful saving, you can enjoy a secure retirement and focus on what matters most.

  • Legacy planning: Think about how you'd like to pass on savings and investments to the next generation.
  • Health security: Review your financial plans to make sure you have the coverage and savings you need for healthcare and peace of mind.

Learn more: 8 challenges to help you save money

Frequently asked questions

What's the best way to build an emergency fund?

Open a separate savings account or term deposit dedicated to your emergency fund. Even small, regular contributions can add up to a meaningful safety net over time.

How does a term deposit work?

A term deposit lets you earn fixed interest by keeping your funds in the account for a set period (tenor). It's a secure option with a guaranteed return. This makes it suitable for savings you don’t need to access immediately.

When should I begin saving for retirement?

It's best to start as early as possible – your 20s or 30s are ideal. Early savings benefit from compound interest, giving you more choices and freedom later on.

Can I manage my savings online?

Yes. With HSBC Vietnam Mobile Banking, you can open accounts, transfer funds, and track your progress anytime and anywhere, making managing your savings simple and secure.

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Next steps

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